ACC401 WEEK 2 QUIZ

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ACC 401 Week 2 Quiz
1. Taxpayers who contribute to or withdraw from an HSA during the year must:
2. Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore, not deductible as an itemized deduction?
3. Which of the following costs are deductible on Form 1040, Schedule A, as taxes?
i. Real estate taxes on property owned in Mexico.
ii. Property tax portion of vehicle registration, based on the value of the auto.
iii. Fine for speeding.
iv. Personal property tax on a pleasure boat.

ACC401 WEEK 2 QUIZ

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4. For investment interest expense in 2014, the deduction by a taxpayer is:
5. The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment. These rules “lookback” to the following years for the calculation:
6. The early withdrawal penalty is deductible as an:
7. All of the following are requirements for a payment to be considered alimony except,
8. The determination for the deduction of the self-employment tax is based upon the:
9. In 2014, the U.S. President declared a federal disaster in California due to wild fires. Helen lives in the affected area and lost her home in the fires. What choice does she have regarding when she can claim the loss on her tax return?
10. For a taxpayer to be eligible to fund a Health Savings Account (HSA), he or she must be: